Confluence Investment Management LLC Sells 36,450 Shares of Hagerty, Inc. $HGTY

Key Points

• Confluence Investment Management LLC reduced its stake in Hagerty, Inc. by 11.5%, selling 36,450 shares, and now holds approximately 0.08% of the company valued at $2.83 million.
• Major shareholder Holding Corp. Hagerty sold 8,245,000 shares at an average price of $8.92, totaling over $73 million, while insider sales in the last 90 days reached nearly $108 million.
• Analysts have set a consensus target price of $12.67 for Hagerty, with recent ratings indicating an "outperform" from Keefe, Bruyette & Woods and Evercore ISI.

Confluence Investment Management LLC decreased its position in Hagerty, Inc. (NYSE:HGTY - Free Report) by 11.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 279,919 shares of the company's stock after selling 36,450 shares during the quarter. Confluence Investment Management LLC owned approximately 0.08% of Hagerty worth $2,830,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Neuberger Berman Group LLC raised its holdings in Hagerty by 15.7% in the first quarter. Neuberger Berman Group LLC now owns 5,468,793 shares of the company's stock worth $49,438,000 after purchasing an additional 743,597 shares in the last quarter. Greenhaven Road Investment Management L.P. increased its holdings in shares of Hagerty by 10.1% during the first quarter. Greenhaven Road Investment Management L.P. now owns 1,360,506 shares of the company's stock valued at $12,299,000 after acquiring an additional 124,336 shares in the last quarter. Lincoln Capital LLC increased its holdings in shares of Hagerty by 12.3% during the first quarter. Lincoln Capital LLC now owns 555,286 shares of the company's stock valued at $4,753,000 after acquiring an additional 60,791 shares in the last quarter. Garner Asset Management Corp bought a new position in shares of Hagerty during the first quarter valued at $2,909,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Hagerty by 4.1% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 142,768 shares of the company's stock valued at $1,291,000 after acquiring an additional 5,667 shares in the last quarter. Institutional investors own 20.51% of the company's stock.

Insiders Place Their Bets

In other Hagerty news, major shareholder Holding Corp. Hagerty sold 8,245,000 shares of the company's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $8.92, for a total value of $73,545,400.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert I. Kauffman sold 1,455,000 shares of the company's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $8.92, for a total value of $12,978,600.00. Following the completion of the sale, the director owned 1,721,662 shares of the company's stock, valued at $15,357,225.04. This represents a 45.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,953,079 shares of company stock valued at $107,763,203. 16.70% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Keefe, Bruyette & Woods started coverage on shares of Hagerty in a research note on Wednesday, August 27th. They set an "outperform" rating and a $14.00 target price for the company. Evercore ISI began coverage on Hagerty in a research report on Wednesday, August 27th. They issued an "outperform" rating and a $14.00 target price on the stock. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $12.67.

Hagerty Stock Performance

NYSE:HGTY opened at $12.53 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.06 and a quick ratio of 1.06. Hagerty, Inc. has a 1 year low of $8.03 and a 1 year high of $12.75. The stock's 50 day simple moving average is $10.83 and its two-hundred day simple moving average is $9.88. The company has a market cap of $4.28 billion, a price-to-earnings ratio of 62.63 and a beta of 0.91.

Hagerty (NYSE:HGTY - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.02. The business had revenue of $368.70 million during the quarter, compared to the consensus estimate of $347.15 million. Hagerty had a net margin of 4.88% and a return on equity of 13.76%. Hagerty has set its FY 2025 guidance at EPS. As a group, equities analysts anticipate that Hagerty, Inc. will post 0.22 earnings per share for the current fiscal year.

About Hagerty

Hagerty, Inc provides insurance agency services worldwide. It offers motor vehicle and boat insurance products; and reinsurance products. The company provides Hagerty Media, which publishes contents through the Hagerty Drivers Club Magazine (HDC), video content, and social media channels; HDC that offers subscription based products and services, including HDC Magazine, automotive enthusiast events, proprietary vehicle valuation tools, emergency roadside services, and special vehicle-related discounts.

Want to see what other hedge funds are holding HGTY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hagerty, Inc. (NYSE:HGTY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.